# Sectoral Savings Decomposition: Demographics → Savings Components

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| A1: Z → nat'l savings | gross_national_savings_gdp | 4,319 | 158 | 0.181 |
| A2: Z → govt saving | govt_saving_gdp | 5,174 | 174 | 0.043 |
| A3: Z → private saving | private_saving_gdp | 4,028 | 157 | 0.109 |
| A4: Z → investment | gross_investment_gdp | 4,732 | 159 | 0.097 |
| A5: Z → S-I gap | savings_investment_gap | 4,681 | 158 | 0.074 |
| A6: Z → CA/GDP | ca_gdp | 5,428 | 174 | 0.037 |
| A7: age ratios → savings | gross_national_savings_gdp | 4,319 | 158 | 0.168 |
| A8: age ratios → govt saving | govt_saving_gdp | 5,174 | 174 | 0.045 |
| A9: age ratios → private saving | private_saving_gdp | 4,028 | 157 | 0.100 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| A1: Z → nat'l savings | Z_1 | 90.1642 | 15.6880 | 0.0000 | *** |
| A1: Z → nat'l savings | Z_2 | -11.4444 | 2.3452 | 0.0000 | *** |
| A1: Z → nat'l savings | Z_3 | 0.4057 | 0.0950 | 0.0000 | *** |
| A2: Z → govt saving | Z_1 | 22.3139 | 7.4586 | 0.0028 | *** |
| A2: Z → govt saving | Z_2 | -3.1196 | 1.1138 | 0.0051 | *** |
| A2: Z → govt saving | Z_3 | 0.1191 | 0.0451 | 0.0083 | *** |
| A3: Z → private saving | Z_1 | 59.9930 | 15.3624 | 0.0001 | *** |
| A3: Z → private saving | Z_2 | -7.1038 | 2.2851 | 0.0019 | *** |
| A3: Z → private saving | Z_3 | 0.2362 | 0.0923 | 0.0105 | ** |
| A4: Z → investment | Z_1 | 32.1768 | 12.2145 | 0.0085 | *** |
| A4: Z → investment | Z_2 | -3.6896 | 1.8281 | 0.0436 | ** |
| A4: Z → investment | Z_3 | 0.1175 | 0.0742 | 0.1135 |  |
| A5: Z → S-I gap | Z_1 | 64.6346 | 21.3311 | 0.0025 | *** |
| A5: Z → S-I gap | Z_2 | -8.2096 | 3.1939 | 0.0102 | ** |
| A5: Z → S-I gap | Z_3 | 0.2983 | 0.1299 | 0.0217 | ** |
| A6: Z → CA/GDP | Z_1 | 27.7133 | 12.3562 | 0.0249 | ** |
| A6: Z → CA/GDP | Z_2 | -3.2043 | 1.8543 | 0.0840 | * |
| A6: Z → CA/GDP | Z_3 | 0.1056 | 0.0753 | 0.1609 |  |
| A7: age ratios → savings | old_dep | -33.4115 | 6.5079 | 0.0000 | *** |
| A7: age ratios → savings | youth_dep | -21.7109 | 2.3736 | 0.0000 | *** |
| A8: age ratios → govt saving | old_dep | -8.5813 | 3.1194 | 0.0060 | *** |
| A8: age ratios → govt saving | youth_dep | -2.5953 | 1.0869 | 0.0170 | ** |
| A9: age ratios → private saving | old_dep | -24.6436 | 6.0805 | 0.0001 | *** |
| A9: age ratios → private saving | youth_dep | -18.9380 | 2.2859 | 0.0000 | *** |

*Controls: rgdp_growth, kaopen, nfa_gdp_lag. Govt saving = revenue - expenditure. Private saving = national savings - govt saving.*